Richard Crenian Announces Refinancing for Popular ReDev Properties

Refinancing for three properties – Imperial Square in Guelph, Ontario, Mall 58 in Calgary, Alberta and Parsons Place in Edmonton, Alberta – has been announced by ReDev President and founder Richard Crenian.

“We are very proud that our experience in acquiring quality assets in good locations, as well as our commitment to adding value to our assets has been recognized with the achievement of new mortgages,” Richard Crenian commented. “Refinancing our mortgages are the logical next steps for these properties, allowing us to continue to grow and deliver strong returns for our group.”

The three properties in Alberta and Ontario are working with mortgage lenders to confirm new refinancing terms for 2017’s first quarter, resulting in increased saving for the company.

ReDev Properties will secure interest rates at 2% lower than the original terms with the refinances. The savings from the refinances will go towards benefiting the value of the assets by continuing to maintain the properties at a high level and making capital expenditures such building additional value add pads on locations.

The company looks forward to refinancing more of its properties’ mortgages in 2017.

About ReDev Properties Ltd.
ReDev Properties Ltd. is a Canadian commercial real estate asset manager. Since 2001, the company has purchased and managed over 30 commercial real estate properties in Canada. ReDev Properties locates existing commercial real estate properties in markets that will ensure assets retain, and increase, in value for necessary stability and future growth. The company’s founder and President, Richard Crenian has managed over two billion dollars in real estate assets since 1981.